TAX TIME: A GUIDE TO DIY

Dated: May 14 2020

Views: 189

Tax Season will be here before you
know it, and if you haven’t made a
decision on how you’ll prepare your
taxes this year, here are a few tips that
may push you toward a DIY approach.

Shop around for software
TurboTax (www.turbotax.com) is
generally the most popular and trusted
tax software option, but you’ll typically
have to pay around $60.00 per year.
It may me worth your time to shop around
for some free options. Many tax prep
software applications are free up to a
certain income threshold, and your costs
will also vary depending on the sources
of your income. A person with a single
W-2 form will usually pay less than a
person with multiple W-2s, 1099s,
investment income, and other income
sources.

Take advantage of homeownership
If you’re reading this newsletter, there’s
a good chance you’re a homeowner.
Tax time is one of those events that show
the benefits of homeownership, because
you can get some major tax deductions.
Mortgage interest, property taxes, and
some home buying costs are among the
deductions you may be eligible for.
Your tax preparation software should
guide you through these deductions.

DIY is great, but so is a tax professional
DIY tax preparation isn’t for everyone.
Though tax software companies offer
audit assistance for an extra fee, some
people enjoy the peace of mind that
comes with meeting a tax professional
and being able to ask questions about
your taxes in person.

A tax professional is particularly helpful
if your taxes recently became more
complicated, like if you started a business
or completed several real estate transactions.

Important Tax Due Dates & Deadlines - 2020 IRS Tax Calendar

Blog author image

Trent Dunn

I am a real estate professional with over 20 years of experience! Our team is passionate about real estate and look forward to helping you buy or sell your home!....

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